International General Insurance Holdings Ltd. (NASDAQ:IGIC) Short Interest Update

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the recipient of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 95,000 shares, a decrease of 20.0% from the November 30th total of 118,800 shares. Based on an average daily trading volume, of 122,000 shares, the short-interest ratio is presently 0.8 days. Approximately 0.6% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

IGIC has been the topic of several recent analyst reports. Royal Bank of Canada increased their target price on International General Insurance from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Oppenheimer initiated coverage on shares of International General Insurance in a research report on Thursday, November 21st. They set an “outperform” rating and a $30.00 price objective for the company.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in IGIC. JPMorgan Chase & Co. lifted its stake in shares of International General Insurance by 26.8% in the third quarter. JPMorgan Chase & Co. now owns 16,857 shares of the company’s stock valued at $320,000 after purchasing an additional 3,562 shares during the period. Tidal Investments LLC purchased a new position in International General Insurance in the 3rd quarter valued at approximately $372,000. Geode Capital Management LLC increased its stake in International General Insurance by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 27,877 shares of the company’s stock valued at $530,000 after purchasing an additional 859 shares in the last quarter. Kingsview Wealth Management LLC acquired a new position in International General Insurance during the third quarter worth $265,000. Finally, Diamond Hill Capital Management Inc. acquired a new stake in International General Insurance in the third quarter valued at $3,338,000. 54.24% of the stock is currently owned by institutional investors and hedge funds.

International General Insurance Price Performance

Shares of IGIC traded up $0.08 during midday trading on Tuesday, reaching $23.76. 79,161 shares of the stock were exchanged, compared to its average volume of 82,379. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 7.76 and a beta of 0.25. International General Insurance has a twelve month low of $11.51 and a twelve month high of $27.00. The business’s 50-day moving average price is $23.91 and its 200 day moving average price is $19.34.

International General Insurance (NASDAQ:IGIC) last announced its earnings results on Tuesday, November 5th. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.11. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. The business had revenue of $138.10 million during the quarter. As a group, equities research analysts expect that International General Insurance will post 2.91 earnings per share for the current fiscal year.

International General Insurance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Tuesday, December 3rd were paid a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend was Tuesday, December 3rd. International General Insurance’s dividend payout ratio (DPR) is presently 3.27%.

About International General Insurance

International General Insurance Holdings Ltd. engages in the provision of specialty insurance and reinsurance solutions worldwide. The company operates through three segments: Specialty Long-tail, Specialty Short-tail, and Reinsurance. It is involved in underwriting a portfolio of specialty risks, including energy, property, construction and engineering, ports and terminals, general aviation, political violence, professional lines, financial institutions, motor, marine liability, contingency, marine, treaty, and casualty insurance and reinsurance.